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    Mortgage Comparison Worksheet

    Uploaded by

    Nancy Suárez
    Looking for a Mortgage and not sure where to start? Here's a worksheet to help you compare lenders.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Mortgage Comparison Worksheet

    Uploaded by

    Nancy Suárez
    408 views3 pages
    Looking for a Mortgage and not sure where to start? Here's a worksheet to help you compare lenders.

    Copyright

    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Looking for a Mortgage and not sure where to start? Here's a worksheet to help you compare lenders.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    408 views3 pages

    Mortgage Comparison Worksheet

    Uploaded by

    Nancy Suárez
    Looking for a Mortgage and not sure where to start? Here's a worksheet to help you compare lenders.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Mortgage Comparison Worksheet

    As you are working with lenders to select a mortgage, there are several factors to consider that may make a big
    difference in your monthly payments and the overall cost of your loan. Use this worksheet to help you identify
    the mortgage option that is best for your situation and financial goals.

    Lender 1 Lender 2
    Name of Lender
    Name of Contact
    Date of Contact
    Mortgage Amount

    Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2


    Basic Information on the Loans
    Type of Mortgage: fixed-rate, adjustable rate, other?
    If adjustable, see below
    Minimum down payment required

    Loan term (length of loan)

    Contract interest rate

    Annual percentage rate (APR)

    Points (may be called loan discount points)

    Monthly Private Mortgage Insurance (PMI) premiums

    How long must you keep PMI?


    Estimated monthly escrow for taxes and hazard
    insurance
    Estimated monthly payment (Principal, Interest,
    Taxes, Insurance, PMI)

    Fees Different institutions may have different


    names for some fees and may charge different
    fees. We have listed some typical fees you may
    see on loan documents.

    Application fee or Loan processing fee


    Origination fee or Underwriting fee
    Lender fee or Funding fee
    Appraisal fee
    Attorney fees
    Document preparation and recording fees
    Broker fees (may be quoted as points, origination
    fees, or interest rate add-on)
    Credit report fee
    Other fee

    Continued on next page


    1
    Mortgage Comparison Worksheet

    Lender 1 Lender 2
    Name of Lender

    Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2


    Other Costs at Closing/Settlement
    Title search/Title insurance

    For lender

    For you
    Estimated prepaid amounts for interest, taxes,
    hazard insurance, payments to escrow
    State and local taxes, stamp taxes, transfer taxes

    Flood determination

    Prepaid Private Mortgage Insurance (PMI)


    Surveys and home inspections

    Total Fees and Other Closing/Settlement


    Cost Estimates

    Other Questions and Considerations


    about the Loan
    Are any of the fees or costs waivable?

    Prepayment penalties
    Is there a prepayment penalty?

    Is so, how much is it?

    How long does the penalty period last?


    (for example, 3 years? 5 years?)

    Are extra principal payments allowed?

    Lock-ins
    Is the lock-in agreement in writing?

    Is there a fee to lock-in?

    When does the lock-in occur at application,


    approval, or another time?

    How long will the lock-in last?

    If the rate drops before closing, can you lock-in


    at a lower rate?

    Continued on next page

    2
    Mortgage Comparison Worksheet

    Lender 1 Lender 2
    Name of Lender

    Mortgage 1 Mortgage 2 Mortgage 1 Mortgage 2


    If the loan is an adjustable-rate mortgage
    What is the initial rate?

    What is the maximum the rate could be next year?


    What are the rate and payment caps each year and
    over the life of the loan?
    What is the frequency of rate change and of any
    changes to the monthly payment?
    What is the index that the lender will use?

    What margin will the lender add to the index?

    Credit life insurance


    Does the monthly amount quoted to you include a
    charge for credit life insurance?
    If so, does the lender require credit life insurance as
    a condition of the loan?
    How much does the credit life insurance cost?
    How much lower would your monthly payment be
    without the credit life insurance?

    If the lender does not require credit life insurance,


    and you still want to buy it, what rates can you get
    from other insurance providers?

    Source: Federal Interagency Task Force on Fair Lending (FRB1-750000,0199C)

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